Irish ‘Financial Institutions’ will be required to submit Common Reporting Standard (CRS) information to Revenue by 30 June each year with the first returns due by 30 June 2017 for the year ended 31 December 2016.
It is likely Section 110 entities may come within scope of this filing requirement and as such we have set out the following considerations:
What to do now?
How to file a report?
Report must be submitted electronically via Revenue Online System (‘ROS’). This is a 2 step process, first the entity or administrator must register for CRS filing ability on ROS, then it will be required to upload an XML report setting out the required details of CRS.
Is there a penalty?
Failure to file the report on time may result in Revenue applying similar penalties to that for FATCA filing:
It is worth noting that the report once made can be amended.
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